Bilateral Trade Between Nigeria and India
Bilateral trade between Nigeria and India has gone up by 34 percent between April 2010/March 2011, and April 2011/March 2012, with total trade moving up from $12.9 million to $17. 3 million between the two periods, BusinessDay can confirm.
Only recently, Indian entrepreneurs – textiles and pharmaceutical business persons were in Nigeria to do business with interested Nigerians.
Indian exports to Nigeria increased by 29 percent between the periods April 2010 - March 2011 and April 2011- March 2012, from $2.09 million to $2.70 million, and its imports grew between the same periods by 36 percent from $10.78 million to $14.6 million.
Major items of Indian exports to Nigeria include rice, transport equipment, machinery and instruments, drugs, pharmaceuticals and fine chemicals, and electronic goods. Its major items of imports from Nigeria are petroleum – crude and products, non-ferrous metals, metalifers ores and metal scraps, wood and wood products, and cashew nuts.
Twenty-two Indian textile companies were in Nigeria weeks back to participate in an Indian Textile Exhibition in Lagos. The companies had on display, their latest range of textile products, ranging from yarn and fibre to suitings, shirtings, dress materials, embroidered fabrics and high fashion fabrics, furnishings, home textiles, scarves and shawls.
According to Mahesh Sachdev, India High Commissioner in Nigeria, “INTEXPO is aimed at forging win-win partnership among the Indian and Nigerian companies for effective forward and backward linkages. The objective is to strengthen trade between the two countries through the exhibition, particularly in the fast growing area of man-made-textiles.”
Indian textiles and clothing industry output is around $80 billion of which about $35 billion is exported, Sachdev said, saying “India is world’s second largest producer of each of cotton, silk, cellulosic fibre and cotton yarn. India also ranks as world’s third largest producer of synthetic fibre and synthetic
Only recently, Indian entrepreneurs – textiles and pharmaceutical business persons were in Nigeria to do business with interested Nigerians.
Indian exports to Nigeria increased by 29 percent between the periods April 2010 - March 2011 and April 2011- March 2012, from $2.09 million to $2.70 million, and its imports grew between the same periods by 36 percent from $10.78 million to $14.6 million.
Major items of Indian exports to Nigeria include rice, transport equipment, machinery and instruments, drugs, pharmaceuticals and fine chemicals, and electronic goods. Its major items of imports from Nigeria are petroleum – crude and products, non-ferrous metals, metalifers ores and metal scraps, wood and wood products, and cashew nuts.
Twenty-two Indian textile companies were in Nigeria weeks back to participate in an Indian Textile Exhibition in Lagos. The companies had on display, their latest range of textile products, ranging from yarn and fibre to suitings, shirtings, dress materials, embroidered fabrics and high fashion fabrics, furnishings, home textiles, scarves and shawls.
According to Mahesh Sachdev, India High Commissioner in Nigeria, “INTEXPO is aimed at forging win-win partnership among the Indian and Nigerian companies for effective forward and backward linkages. The objective is to strengthen trade between the two countries through the exhibition, particularly in the fast growing area of man-made-textiles.”
Indian textiles and clothing industry output is around $80 billion of which about $35 billion is exported, Sachdev said, saying “India is world’s second largest producer of each of cotton, silk, cellulosic fibre and cotton yarn. India also ranks as world’s third largest producer of synthetic fibre and synthetic
Links: 4 | GDP and Growth Rate (2012) | $ 262.7 billion; 6.7% | 5. | Currency/Exchange rate as on a recent date | NairaUS$ 1= Naira 157.20 as on 31.12.2012 | * The S&T Minister led a 4-member delegation for the India-Africa S&T Ministers Conference on March 1-2, 2012. * Minister of Labour & Productivity led a 3-member delegation for IBSA International Workshop on March 1-3, 2012. * A 6-member Nigerian delegation led by Hon’ble Minister of S&T visited India to participate at 3rd Bengaluru Space Expo on September 12-15, 2012. * Prof(Mrs) Ruqayyatu A. Rufai, Nigerian Education Minister led an 11-member delegation to attend Ninth E-9 Ministerial Review Meeting in New Delhi from 8-10 November, 2012. * Permanent Secretary in the Ministry of Local Govt of Nigeria led a delegation to India on a study tour and said on May 9, 2012 “measures taken by India to eradicate poverty and also steps to bring in economic reforms are worth emulating.” * H.E